Their purpose was to fund the benefits promised to the WWII generation and that worked like a charm.

What failed, as you acknowledge, was that it didn't fund benefits for the boomer generation as was claimed.

So that leaves the issue of who will fund benefits for the baby boom generation? Will taxes be INCREASED, will deficits soar, or will benefits be cut? (or some combination).

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When George W. Bush was selected President by the Republican Supreme Court in 2000 he was left with a budget surplus by Bill Clinton {who's most grievous sin in office was getting a Hummer from a chubby intern.)

Bush's major policy initiatives were $4 Trillion in tax cuts which largely benefited the rich, and $3 Trillion spent on expensive and embarrassing misadventures in Iraq and Afghanistan, all funded by borrowing from China.

If we still had that $7 trillion (plus interest), Social Security and Medicare would be in a lot better shape. The last election showed that a majority of Americans reject the Republican Chickenhawk and GOP Tea-Bagger agenda.